(a) To provide adequate cashflow for expenses incurred by the board in the administration and collection of the prepaid MTS surcharge, the Director of Finance may approve a short-term loan in the 2015–16 fiscal year from the General Fund to the Prepaid Mobile Telephony Services Surcharge Fund.
(b) For the purposes of this section, a short-term loan is a transfer that is made subject to the following conditions:
(1) Any amount loaned is to be repaid in full during the same fiscal year in which the loan was made, except that the repayment may be delayed until a date not more than six months after the date of enactment of the annual Budget Act for the subsequent fiscal year.
(2) Loans shall be repaid whenever the funds are needed to meet cash expenditure needs in the loaning fund or account.
(Added by Stats. 2015, Ch. 25, Sec. 54. (SB 84) Effective June 24, 2015. Repealed as of January 1, 2020, pursuant to Section 42024.)
Last modified: October 25, 2018